The tables and graphs below summarise the data essentials captured from our daily Risk Watch publication, which provides a synopsis of the insolvency market for October 2022.

Director Identification Numbers and Phoenix Companies

Andrew Barnden of Rodgers Reidy appeared on the ABC News and The Business to discuss the background to the Director Identification Number (“DIN”) and the purpose of the legislation to attack dodgy “Mickey Mouse” phoenix operators.  A link to the story is below.

https://www.abc.net.au/news/programs/the-business/2022-11-03/crackdown-on-companies-run-by-mickey-mouse-and/101614564

A reminder that the deadline for all Directors to register for a DIN ends on 30 November 2022.

Small Business Restructuring

During the month of October 2022, 24 companies appointed a Restructuring Practitioner in relation to the Debtor in Possession restructuring process for small businesses.

Rodgers Reidy is the leading appointee for appointments in relation to Small Business Restructuring.  We have achieved excellent results for our clients, restructuring their businesses and saving the vast majority from a formal liquidation or administration. We urge directors to consider this an option and act early.  Feel free to contact your local Rodgers Reidy office to discuss whether this option is right for your clients.

Winding Up applications filed with the Court in October 2022

Winding Up applications	Australia	NSW		VIC		QLD		WA		ACT		SA		NT		TAS
TOTAL	(No.)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)
	197	58	29	84	43	36	18	6	3	1	1	8	4	4	2	0	0

 

There were thirty five (35) winding up applications filed by the ATO in October 2022.  This is only a fraction of the number of the winding up applications that the ATO routinely filed prior to the pandemic.

Formal Appointments in October 2022

 

Formal Appointments	Australia	NSW		VIC		QLD		WA		ACT		SA		NT		TAS
TOTAL	(No.)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)	(No.)	(%)
	543	219	40	145	27	114	21	29	5	13	2	20	4	2	0	1	0
Court Liquidation	92	26	28	48	52	10	11	2	2	1	1	3	3	2	2	0	0
Creditors’/Members’ Voluntary Liquidation	384	175	46	83	22	72	19	24	6	12	3	17	4	0	0	1	0
Voluntary Administration	67	18	27	14	21	32	48	3	4	0	0	0	0	0	0	0	0

 

Rodgers Reidy is one of the foremost providers of insolvency, forensic and reconstruction services to distressed businesses throughout Australia, New Zealand and Asia. With a strong commitment to integrity and the community, Rodgers Reidy provides a professional and quality service, offering innovative, cost effective solutions.  Please contact any of our directors by clicking the appropriate office below for an initial consultation free of charge.

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